STAD EURONPV The calculation adds back any expenses unlikely to occur absent any loan originations or repayments and as such, the costs associated with hedging Euro loans back to sterling have been added back. The calculation does not include origination fees paid to the Investment Manager; these are recognised through "Income from loans advanced".
WEIGHTED AVERAGE PORTFOLIO LTV TO GROUP FIRST AND LAST GBP
These are calculations made as at the quarterly reporting date of the loan to value ("LTV") on each loan at the lowest and highest point in the capital stack in which the Group participates. LTV to "Group last GBP" means the percentage which the total loan commitment less any amortisation received to date (when aggregated with any other indebtedness ranking alongside and/or senior to it) bears to the market value determined by the last formal lender valuation received by the quarterly reporting date. LTV to "first Group GBP" means the starting point of the loan to value range of the loan commitments (when aggregated with any other indebtedness ranking senior to it). For development projects, the calculation includes the total facility available and is calculated against the assumed market value on completion of the project.
An average, weighted by the loan amount, is then calculated for the portfolio.
This APM provides an assessment of future credit risk within the portfolio and does not directly relate to any financial statement line items.
PERCENTAGE OF INVESTED PORTFOLIO IN FLOATING RATE LOANS
This is a calculation made as at the quarterly reporting date, which calculates the value of loans, which have an element of floating rate in part, in whole and including loans with floors, as a percentage of the total value of loans. This APM provides an assessment of potential future volatility of the income on loans, as a large percentage of floating rate loans would mean that income would move up or down with changes in EURIBOR or LIBOR.
AVERAGE LOAN TERM AND AVERAGE REMAINING LOAN TERM
The average loan term is calculated at the quarterly reporting date by calculating the average length of each loan from initial advance to the contractual termination date. An average, weighted by the loan amount, is then calculated for the portfolio.
The average remaining loan term is calculated at the quarterly reporting date by calculating the average length of each loan from the quarterly reporting date to the contractual termination date. An average, weighted by the loan amount, is then calculated for the portfolio.
This APM provides an assessment of the likely level of repayments occurring in future years (absent any early repayments) which will need to be reinvested. In the past, the actual term of loans has been shorter than the average contractual loan term due to early repayments and so the level of repayments is likely to be higher than this APM would suggest. However, this shorter actual loan term cannot be assumed as it may not occur and therefore it is not reported as part of this APM.
NET CASH / DEBT
Net cash is the result of the Group's total cash and cash equivalents minus total credit facility utilised as reported on its consolidated financial statements.
UNUSED LIQUID FACILITIES
Unused liquid facilities is the result of the Group's total cash and cash equivalents plus the available balance to withdraw under existing credit facilities at the reporting date.
PORTFOLIO DIVERSIFICATION
The portfolio diversification statistics are calculated by allocating each loan to the relevant sectors and countries based on the value of the underlying assets. This is then summed for the entire portfolio and a percentage calculated for each sector / country.
This APM provides an assessment of future risk within the portfolio due to exposure to specific sectors or countries and does not directly relate to any financial statement line items.
Further Information
Corporate Information
Registered Office
Directors 1 Royal Plaza
Stephen Smith (non-executive Chairman)
John Whittle (non-executive Director) Royal Avenue
Shelagh Mason (non-executive Director)
Charlotte Denton (non-executive Director) St Peter Port
(all care of the registered office)
Guernsey
Investment Manager
Starwood European Finance Partners Limited GY1 2HL
1 Royal Plaza Investment Adviser
Royal Avenue Starwood Capital Europe Advisers, LLP
2nd Floor
St Peter Port
One Eagle Place
Guernsey St. James's London
GY1 2HL SW1Y 6AF
United Kingdom
Solicitors to the Company (as to English law and U.S. securities law)
Norton Rose LLP
Advocates to the Company (as to Guernsey law)
3 More London Riverside
London Carey Olsen
SE1 2AQ PO Box 98
United Kingdom
Carey House, Les Banques St Peter Port
Registrar
Guernsey
Computershare Investor Services (Guernsey) Limited
GY1 4HP
3rd Floor
Natwest House Independent Auditor
Le Truchot
PricewaterhouseCoopers CI LLP
St Peter Port
Guernsey Royal Bank Place
GY1 1WD
1 Glategny Esplanade
Sole Broker
St Peter Port
Jefferies Group LLC
Guernsey
100 Bishopsgate
GY1 4ND
London, EC2N 4JL
Principal Bankers
United Kingdom
Barclays Private Clients International Limited
Administrator, Designated Manager and Company Secretary
PO Box 41
Apex Fund and Corporate Services (Guernsey) Limited
Le Marchant House
1 Royal Plaza
St Peter Port
Royal Avenue
Guernsey
St Peter Port
GY1 3BE
Guernsey
Website:
GY1 2HL
www.starwoodeuropeanfinance.com
-----------------------------------------------------------------------------------------------------------------------
ISIN: GG00B79WC100 Category Code: IR TIDM: SWEF LEI Code: 5493004YMVUQ9Z7JGZ50 Sequence No.: 121582 EQS News ID: 1231583 End of Announcement EQS News Service =------------------------------------------------------------------------------------
Image link: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1231583&application_name=news
(END) Dow Jones Newswires
September 07, 2021 02:00 ET (06:00 GMT)
